Become the light

Yoko Ono Imagine Peace Tower
Reykjavik, Iceland

No mirror ever became iron again;
No bread ever became wheat;
No ripened grape ever became sour fruit.
Mature yourself and be secure from a change for the worse.
Become the light.

~ Rumi

Singapore devalues after shock GDP drop

Apr 15, 2009
Singapore devalued its currency yesterday after its economy shrank far more than expected.

The city state’s gross domestic product shrank an annualised 19.7 per cent in the first three months of the year – more than twice the 9.6 per cent drop analysts had forecast and worse than the 16.4 per cent rate at which it contracted between October and December. The fall was the biggest since at least 1975.

Singapore-based banks DBS and UOB adjusted their GDP forecasts, predicting the economy would shrink at least 7.5 per cent this year.

The Monetary Authority of Singapore shifted the centre of the secret trade-weighted band for the Singapore dollar down to the market level of the exchange rate basket, effectively a devaluation.

“The re-centring translates to roughly a 1.7 per cent devaluation of the Singapore dollar on a trade-weighted basis,” said Wai Ho Leong, a regional economist at Barclays Capital in Singapore. It was the first effective lowering of the currency band since July 2003, he said.

“The situation is really dire and the central bank’s policy will improve sentiment and help the economy,” said Vishnu Varathan, an economist at Forecast Singapore. The move “gives them the flexibility to weaken the currency now and steer it to strengthen when things get better”.

Reuters, Bloomberg

Thriving bear sees many more US bank failures

Thriving bear sees many more US bank failures
Reuters in New York
Apr 04, 2009

John Jacquemin, a hedge fund manager of Mooring Financial Corp, who predicted the credit crisis and tripled his investors’ money over the past two years, warned that hundreds of United States banks were doomed to fail and that an economic recovery was far away.

Mooring Financial has posted 10 consecutive years of gains snapping up loans at distressed prices, while his two-year-old Intrepid Opportunities Fund generated 222 per cent returns betting against corporate debt and financial stocks.

Beyond a housing glut and slower consumer spending, Mr Jacquemin said he remained bearish because banks and regulators had not confronted the mountains of bad loans still on banks’ books.

While banks needed to mark down bonds to prevailing market prices, “with whole loans, they don’t have to and they haven’t”, he said.

“If they did, there would be literally hundreds and hundreds of insolvent banks,” he said.

Eighteen years ago, Mr Jacquemin was a commercial lender who snapped up loans sold by Resolution Trust and the Federal Deposit Insurance Corp in the wake of the savings and loans crisis.

Mr Jacquemin said government agencies were aggressive in closing failed banks, selling branches and deposits to the highest bidders. Today, he contends, officials have been more tentative, allowing weak banks to hobble along.

“If the banks sold these loans for what they could get, they would be insolvent,” Mr Jacquemin said. “The difference between now and the 1990s is the government today is not closing banks down.”

This approach would only prolong the crisis.

“They’re not being aggressive because it would scare the hell out of us,” Mr Jacquemin said. “But we can’t get rid of the problem the way they’re approaching it now … [The government] ought to be closing the weak banks and helping recapitalise the stronger ones.”

Little-known Mooring Financial has generated returns on par with renowned credit market bear John Paulson and his hedge fund firm Paulson.

Mr Jacquemin’s Mooring Capital Fund has never had a losing year and returned 12 per cent a year, on average, for 10 years buying distressed loans and debt.

The excesses of the credit bubble – reckless leverage and frothy property markets – prompted him to launch Intrepid Opportunities in February 2007.

The fund shorted indices that tracked bond and mortgage markets, as well as bet against banks, credit card lenders and other financial companies.

The new fund soared 56 per cent last year, when equities fell 40 per cent and the average hedge fund dropped 18 per cent.

Mr Jacquemin said the firm, which manages US$400 million, was seeking new investors.

While bank shares have rallied in recent weeks, Mr Jacquemin has maintained his negative views on corporate bonds and finance stocks.

He predicts rising commercial property defaults and worries that consumer spending will never rebound to pre-crisis levels.

Mr Jacquemin said housing prices would not improve until the glut of empty units was absorbed – a process that will take at least 18 months and as long as 2-1/2 years.

Sudha Feat Zoe Johnston – Leche (Thomas Schwartz and Fausto Fanizza Radio Edit)

Featuring the vocals of Zoe Johnston, Sudha (the percussionist from Faithless and no stranger to dance floors the world over) has a hit on her hands! A very nice progressive house track, complemented by Thomas Schwartz and Fausto Fanizza on remix duties.

For all of eternity
I will be loving you.
Can you hear me?
If longing was power then I could set you free.

I wanna sing louder than I’ve ever done before
Oh, my joy and anger.
How can this be? You’ve taken from me.
Take freedom from somebody kind.

For all of eternity
I will be your girl.
Can you hear me?
Oh, if I could set you free.

I wanna sing louder than I’ve ever done before
Oh, my joy and anger.
How can this be? You’ve taken from me.
Take freedom from somebody kind.

From somebody I love.

Questions on Health

Am I in all honesty pursuing a healthy lifestyle?

Are my food choices healthy?

Do I get enough exercise to keep all of my systems flowing well?

Do I get enough rest, so the body can rejuvenate and heal?

Do I do the best I can to keep the stress down in my life?

Do I take time specifically to ‘take care’ of my body and show that I ‘love it’?

Do I understand that if I don’t take care of my body, then ‘it’ can’t take care of me?

What do I ‘get’ out of being un-healthy?

Is being un-healthy an excuse so I don’t have to try to become all that I can be?

Am I too lazy, negligent, ignorant or in a state of denial and I think that ‘disease and death’ happen to
other people, but not to me?

Do I ‘expect’ the doctors/medical field to ‘fix’ whatever goes wrong with my body?

SCMP Forum

Singapore is far better than Hong Kong
Updated on Mar 22, 2009

I refer to the article “Singapore beats HK in survey of Asian expats”, March 12.

That “Singapore appears to have finally achieved its dream of being better than Hong Kong” was a highly laughable comment. Singapore has achieved the same status at the top for the past 10 years.

I am a European expat who stayed (or, more rightly, suffered) in Hong Kong for close to five years but chose to move to Singapore and obtained permanent resident status there (though I need to adjust my highly lucrative Hong Kong expat package in exchange).

My family and I are now enjoying the comforts, stability, safety and cleaner air of Singapore (plus the many more nice places and resorts that we can travel to in less than two hours, and the much more advanced and lively dining and entertainment options). This contrasts with the dirty and mundane, yet much more expensive Hong Kong.

But most important is the ease and efficiency of getting things done in a language I am more comfortable with, English. In fact, Singapore is so much more attractive than Hong Kong that I have the in-principle approval from our global headquarters to shut our office in Hong Kong and move it to Singapore, while maintaining a stronger presence in Shanghai.

Singapore beats Hong Kong in so many areas. Many friends are now making plans to move to Singapore after realising their misconceptions about the city.

Singaporeans may not be upfront with their thoughts and appear to be reserved, but I have made more local friends than I did in Hong Kong. At least, they are not like most arrogant but ignorant Hongkongers who think they know it all, and criticise and comment on almost everything and anything.

I can’t help but find most Hongkongers just a bunch of empty vessels, and definitely NATO (no action, talk only idiots – that’s how Singaporeans would describe Hongkongers).

Simon Morliere, Singapore

 

Singaporeans have a high regard for Hong Kong and its citizens

I refer to the letter by Simon Morliere (‘Singapore is far better than Hong Kong in every way’, March 22).

I assume that Mr Morliere is just expressing his personal opinion and not the opinion of the thousands of expatriates, including Singaporeans, living and working in Hong Kong nor Singaporeans in general. It is rather sad that he chooses to see Hongkongers in this manner.

I have lived in Hong Kong for the past 11 years and I find Hongkongers intelligent, hardworking, enterprising, open-minded, innovative, charitable and, most importantly, very tolerant towards non-Hongkongers.

Hong Kong is probably one of the safest places to bring up a family, with its efficient police and security forces, very high standards of education that provide a multilingual medium of instruction and also a multi-ethnic living environment.

As a member of the Singapore Chamber of Commerce (Hong Kong), I am fortunate to have the opportunity to interact with Hong Kong people from different walks of life and I personally feel that Hongkongers are one of the friendliest and most caring people in the world.

They are fast and efficient in their work, and, as far as I know, Singaporeans do not have the impression that Hongkongers are people who talk only and take no action.

Singaporeans living in Hong Kong are very appreciative of the inclusive society that Hong Kong is, where visitors and residents originating from other countries are invariably treated well by Hongkongers.

Vincent Chow, honorary executive director, Singapore Chamber of Commerce (Hong Kong)

 

Expat friends made the right choice

I would like to take this opportunity to thank my expat friends for having the wisdom and maturity to choose Hong Kong over Singapore.

Thank you for appreciating Hong Kong’s diversity and seeing sterility for what it is, for making the effort to find out more about the local culture and for enjoying all the services and amenities on offer. Thanks for being aware that a lack of local language ability will, of necessity, limit a foreigner’s exposure, in terms of both social milieu and intellectual stimulation.

And finally, to those with the good fortune to get perks that afford an expatriate lifestyle – as well as those who enjoy this to a more modest degree – thank you for being able to relate to locals who are suffering so much uncertainty and/or unemployment.

Some of you have also been affected by the economic downturn, but those qualities will stand you in good stead to make a quick recovery. Singapore’s heavy reliance on foreign businesspeople like Mr Morliere has led it to experience its worst gross domestic product slump.

Let’s hope Hong Kong’s government continues to show wisdom and maturity by investing in and fortifying the diversity and community spirit that will be key to maintaining the city’s resilience.

Angela Tam, Mid-Levels

 

Both cities have a lot going for them

After reading Simon Morliere’s anti-Hong Kong diatribe (‘Singapore is far better than Hong Kong in every way’, March 22), I felt that the sensible reaction was momentary contempt, and then to move on. Mr Morliere’s ill-considered scorn was simply not worthy of response – except that he included insults, which do need a response.

What is it about expatriates who move from Hong Kong to Singapore and then, having experienced the many fine pleasures of Singapore, feel constrained to trash Hong Kong in comparison, simultaneously and seamlessly morphing personal experience into general conclusions?

If Mr Morliere ‘suffered’ here for five years (despite his ‘highly lucrative . . . expat package’) one wonders about his ability to make dispassionate observations.

For example, to describe dining in Hong Kong as much less advanced and lively than in Singapore is, at best, crass.

Hong Kong deservedly has a reputation for fine and varied dining matched by few other places.

Singapore also has great eating, which raises the question – why this compulsion to make negative comparisons?

Singapore and Hong Kong, like anywhere else, have their pluses and minuses.

Hong Kong does indeed have awful air and water pollution and the government still has to get to grips with it.

Singapore is something of a nanny state, with a controlled press, but in both cities the pluses far outweigh the minuses.

Both are safe, efficient, have generally very capable civil services, great transport infrastructure, the best airlines in the world, a thriving cultural life and lots of interesting places to visit nearby, to name a few positive attributes.

Neil M.D. Russell, Discovery Bay

Success in Life

Here’s a funny TED video by Richard St. John on the 8 drivers of
success in life. Remember CRAP – criticism, rejection, assholes and
pressure.

http://www.ted.com/
http://www.richardstjohn.com/

GIC cuts loss in one fell swop

See also
http://chenreiki.com/blog/archives/376
http://chenreiki.com/blog/archives/350
http://chenreiki.com/blog/archives/327

Mon, Mar 02, 2009
The Business Times

GIC cuts loss in one fell swop

By Conrad Tan

THE Government of Singapore Investment Corp (GIC) will convert all its preferred shares in Citigroup into common stock to cut its losses. The swop will give it an 11.1 per cent stake in the troubled US bank, which yesterday announced a sweeping plan to boost its common equity base. The conversion will pare GIC’s paper loss on its original US$6.88 billion investment in Citi from 80 per cent or US$5.5 billion to 24 per cent, or US$1.67 billion, based on Thursday’s closing price of US$2.46 for Citi shares.

Separately, Citi said yesterday that it plans to swop up to US$52.5 billion of its preferred stock, including US$25 billion of the US$45 billion held by the US government, for ordinary shares.

Citi also recorded a massive US$10 billion charge for impairment of goodwill and other intangible assets in the fourth quarter, resulting in an additional net loss of US$9 billion for the final three months of last year.

For GIC, the decision to convert its shares appears to have been the lesser of two unpalatable choices. Citi yesterday suspended dividend payments on its preferred shares as well as common stock, which means that GIC would lose the 7 per cent annual dividend that it has been receiving if it chose not to convert its holdings.

The conversion will make GIC the second-biggest shareholder in Citi with a stake of about 11 per cent, compared to about 4 per cent at the time of its original investment. The US government will be Citi’s largest shareholder, owning 36-38 per cent of Citi’s common equity. The final stakes will depend on how many investors in the publicly held tranche of Citi’s preferred stock decide to participate in the share conversion.

One thing is certain: Existing ordinary shareholders will suffer massive dilution of more than 70 per cent. Citi shares plunged 37 per cent to US$1.55 at the start of US trading yesterday after the bank’s announcement. At that price, GIC’s unrealised loss on its Citi investment would be US$3.6 billion. The profitability of US banks ‘is likely to be impaired in the next two years’, said Ng Kok Song, GIC’s group chief investment officer in a statement.

‘GIC’s view is that with this latest move, Citigroup’s capacity to weather the severe economic downturn will be strengthened.’

Before yesterday’s announcement, the market value of the preferred shares held by GIC had already slumped 80 per cent to just US$1.376 billion since its initial investment in Citi, as mounting losses made it less likely that the bank would be able to keep up its dividend payments.

The US government, GIC and other investors that bought Citi preferred stock alongside GIC in January last year will receive common stock at a price of US$3.25 a share. Those investors, including Saudi Arabia’s Prince Al-Waleed bin Talal, have agreed to the exchange, said Citi.

At the conversion price of US$3.25, GIC will get some 2.12 billion common shares in exchange for its US$6.88 billion in preferred stock. Based on Thursday’s closing price of US$2.46 a share, GIC’s stake after conversion is worth US$5.21 billion.

That puts GIC’s unrealised loss on its original US$6.88 billion investment in Citi at US$1.67 billion after the conversion, compared to US$5.5 billion before.

Under the original terms of GIC’s investment in Citi, it would have had to pay a much higher conversion price of US$26.35 for each common share, GIC said. That would have translated into a stake of just 261.1 million shares, worth a mere US$642 million at Thursday’s closing price for Citi shares.

But the conversion also means that GIC will now bear greater risk than before, as an ordinary shareholder. It also gives up for good the 7 per cent annual dividend that it previously earned on its preferred shares.

Citi chief executive Vikram Pandit said that the conversion plan had just ‘one goal’ – to increase the bank’s tangible common equity or TCE. Converting its preferred shares into ordinary equity will boost its TCE ratio – the focus of stress tests by US regulators starting this week as a key measure of the bank’s ability to withstand further losses if the recession is worse than expected.

Ordinary shareholders are the first to suffer any losses, so common equity is seen as the highest quality of capital that a bank holds, and the size of a bank’s common equity base relative to its assets is considered the purest measure of its buffer against losses.

The hope is that by raising its TCE ratio, Citi will be able to weather the worst recession that the US has seen in decades. The plan is expected to increase its TCE as a proportion of its risk-weighted assets from less than 3 per cent now to 7.9 per cent.

Crucially, it does so without the need to inject more money from the public purse. That makes it unnecessary for the US government to seek the approval of lawmakers for more funds amid growing public fury over the use of taxpayers’ money to bail out large banks.

But the US government could still inject more capital into Citi – in the form of mandatory convertible preferred shares – if the stress tests show that the bank’s capital cushion still needs bolstering. That would mean further dilution for ordinary shareholders, including GIC, when the shares are eventually converted to common stock.

‘As a shareholder, GIC supports the initiative by Citigroup and the US government to strengthen the quality of the bank’s capital base in view of the challenging economic environment,’ GIC said in a statement.

Best Credit Card in Hong Kong

I normally use Standard Chartered American Express because they have the best rewards points system. Unfortunately, they have discreetly modified their rewards scheme so they are no longer the best credit card in Hong Kong.


The best card is currently the DBS Black American Express
HK$6 = 1 air mile


followed by the Citibank PremierMiles Visa
HK$8 = 1 air mile

For the air miles rewards scheme, it is better to enrol in Krisflyer than Asiamiles because you need less points under Krisflyer to get an air ticket to Singapore. I think it is 22,500 for Krisflyer compared to 30,000 for Asiamiles.

Chivalry

When examining medieval literature, chivalry can be classified into three basic but overlapping areas:

1. Duties to countrymen and fellow Christians: this contains virtues such as mercy, courage, valor, fairness, protection of the weak and the poor, and in the servant-hood of the knight to his lord. This also brings with it the idea of being willing to give one’s life for another’s; whether he would be giving his life for a poor man or his lord.

2. Duties to God: this would contain being faithful to God, protecting the innocent, being faithful to the church, being the champion of good against evil, being generous and obeying God above the feudal lord.

3. Duties to women: this is probably the most familiar aspect of chivalry. This would contain what is often called courtly love, the idea that the knight is to serve a lady, and after her all other ladies. Most especially in this category is a general gentleness and graciousness to all women.

25 Year-Old Beauty Seeks Rich Banker

This was posted on Craigslist last year:

‘What am I doing wrong?

Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy. I’m not from New York. I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.

Are there any guys who make 500K or more on this board ? Any wives ? Could you send me some tips ? I dated a business man who made an average of around 200 – 250K. But that’s where I seem to hit a roadblock. $250,000 won’t get me to Central Park West. I know a woman in my yoga class who was married to an investment banker, and lives in Tribeca. She’s not as pretty as I am, nor is she a great genius. So what is she doing right ? How do I get to her level ?

Here are my questions specifically:

– Where do you single rich men hang out ? Give me specifics – bars, restaurants, gyms

– What are you looking for in a mate? Be honest guys, you won’t hurt my feelings

– Is there an age range I should be targeting ?

– Why are some of the women living lavish lifestyles on the Upper East Side so plain? I’ve seen really ‘Plain Jane’ boring types, who have nothing to offer incredibly wealthy guys. Then I’ve seen drop dead gorgeous girls in singles bars in the East Village. What’s the story there ?

– Lawyers, investment bankers, doctors. How much do those guys really make ? And where do the hedge fund guys hang out ?

– How do you rich guys decide on marriage vs. just a girlfriend ? I am looking for MARRIAGE ONLY.

Please hold your insults – I’m putting myself out there in an honest way. Most beautiful women are superficial – at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them – in looks, culture, sophistication, and keeping a nice hearth and home’.

An Investment Banker’s Response:

Dear Pers-431649184:

‘I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.

Firstly, I’m not wasting your time. I qualify as a guy who fits your bill – that is, I make more than $500K per year. That said, here’s how I see it:

Your offer, from the prospective of a guy like me, is a plain and simple crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity – in fact, it is very likely that my income will increase, but it is an absolute certainty that you won’t be getting any more beautiful!

So, in economic terms, you are a depreciating asset. Not only are you a depreciating asset, however, your depreciation accelerates! Let me explain – you’re 25 now and will likely remain pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 – stick a fork in you!

So, in Wall Street terms, we’d call you a trading position – not a buy and hold…hence the rub…marriage. It doesn’t make good business sense to ‘buy you’ (which is what you’re asking) – so I’d rather lease. In case you think I’m being cruel, I would say the following: if my money were to go away, so would you – so when your beauty fades I need an out too. It’s as simple as that. So the deal that makes sense for me is dating, not marriage.

Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as ‘articulate, classy and spectacularly beautiful’ as you has been unable to find your sugar daddy. I find it hard to believe that, if you are as gorgeous as you say you are, your $500K man hasn’t found you – if only for a tryout.

By the way, you could always find a way to make your own money – and then we wouldn’t need to have this difficult conversation.

With all that said, I must say you’re going about it the right way. Classic ‘pump and dump’. I hope this is helpful, and if you want to enter into some sort of lease, please let me know’.

Singapore acts to lure overseas-trained lawyers back home

Singapore acts to lure overseas-trained lawyers back home
By Imelda Saad | Posted: 13 February 2009 1755 hrs
CNA

SINGAPORE: Major changes are on the cards for Singapore’s legal education system.

The changes are aimed to ensure Singapore has an adequate supply of local lawyers who can compete against global competition and to strengthen Singapore’s position as a key regional legal education hub.

Law Minister Law Minister K Shanmugam announced the changes in Parliament on Friday.

In hoping to attract overseas-trained Singapore lawyers to come back and practise law at home, the Law Ministry will abolish the one-year-long Diploma in Singapore Law course.

Mr K Shanmugam noted that the course, which is a requirement for all returning lawyers, has proven to be a disadvantage as lawyers feel they can pick up most of what’s taught during practice.

Hence, from June this year, such students will be offered an optional three-month conversion course.

To enhance legal training, measures include:

– revamping the Practice Law Course;

– replacing the pupillage system with training contracts, with the intention of putting the onus on law firms to ensure that trainees have a constructive and structured learning programme;

– the possibility of making continuing legal education mandatory to ensure practising lawyers are up to date on any changes to the law and are familiar with emerging areas of law.

To ensure a steady supply of lawyers, graduates with a Second Class (Lower) degree from approved universities will be admitted to the Singapore Bar without the two-year minimum legal experience requirement.

Adding to this, the Singapore Management University’s Law School will put in place additional measures to add to the pool of lawyers.

The first batch of graduates from SMU will join the industry in 2011.

The NUS Law Faculty will also increase its intake from 220 to 250 students a year.

Together, Mr K Shanmugam said, these moves will result in an almost 70 per cent increase in the number of local law graduates in a few years’ time – from 220 to 370 annually.

He added the incoming Qualifying Foreign Law Practices (QFLPs) will also bring in more lawyers as they consolidate their regional offshore work here.

To oversee the legal education in Singapore, a new statutory board – tentatively called the Institute for Legal Education – will be set up.

Mr K Shanmugam said: “Most essential for a vibrant legal sector are good quality lawyers. Therefore ensuring that legal education and training is top notch is extremely important”.

The minister also gave an update on moves to free up legal services in Singapore.

The Law Ministry notes that despite the current economic crisis, there is potential in the medium term for the legal sector to expand in certain areas.

One example is arbitration as Singapore is fast becoming an arbitration venue of choice.

By mid-2009, Singapore will have the Maxwell Chambers to house arbitration hearings under one roof.

Mr K Shanmugam said: “Our advantage is our connectivity and world class infrastructure, our judicial philosophy in respect to arbitration and being accessible at a much lower expense than some of the other popular arbitration centres.”

Another good sign is that international law firms have been setting up new offices in Singapore in recent months.

In the past four months alone, four new firms opened up offices here, one of them among the Global Top 40.

Another two firms have already registered with the Attorney-General’s Chambers and have announced plans to open new offices in Singapore.

Atheists and the Stock Market – Nassim Nicholas Taleb

Taleb’s exposition of the Ludic fallacy:

“We love the tangible, the confirmation, the palpable, the real, the visible, the concrete, the known, the seen, the vivid, the visual, the social, the embedded, the emotional laden, the salient, the stereotypical, the moving, the theatrical, the romanced, the cosmetic, the official, the scholarly-sounding verbiage, the pompous Gaussian economist, the mathematicized crap, the pomp, the Academie Francaise, Harvard Business School, the Nobel Prize, dark business suits with white shirts and Ferragamo ties, the moving discourse, and the lurid. Most of all we favor the narrated.

Alas, we are not manufactured, in our current edition of the human race, to understand abstract matters — we need context. Randomness and uncertainty are abstractions. We respect what has happened, ignoring what could have happened. In other words, we are naturally shallow and superficial — and we do not know it. This is not a psychological problem; it comes from the main property of information. The dark side of the moon is harder to see; beaming light on it costs energy. In the same way, beaming light on the unseen is costly in both computational and mental effort.”

How to choose good durian

Here is a short durian tutorial by Mr Wong who runs a small boutique durian stall at 231 East Coast Road (Opp Jago Close) Singapore. You can contact him for your durian needs by calling 97514828. At the time of blogging, his Mao Shan Wang was selling for $16 per kg. Having been in the durian trade for 20 years, he has established a good relationship with his suppliers who would pre-select all his durians so that his customers can look forward to a really good durian experience.

Source: http://ieatishootipost.sg/2008/07/durian-tutorial-made-possible-with-my.html

Short straw dims New Year glow

Short straw dims New Year glow
Fortune stick predicts worst luck for HK, and hours later fireworks barge catches fire
Mary Ann Benitez, Danny Mok and Amy Nip
SCMP Jan 28, 2009

As if recession and the prospect of a worsening economic downturn were not enough, Hong Kong yesterday drew the worst possible fortune stick in a ceremony at a Sha Tin temple.

Lau Wong-fat, chairman of rural affairs body the Heung Yee Kuk, drew the stick numbered 27 on the city’s behalf in the Taoist ceremony at the Che Kung temple.

A fortune-teller at the temple who read the stick said it showed the city could not isolate itself from the global economic turbulence, but that Hongkongers should nevertheless be cautiously optimistic.

Fung shui masters interpreted the stick’s meaning differently.

James Lee Shing-chak said it signified possible conflicts between the government and its people.

Mr Lau said: “It is a warning to all of us that only a harmonious society with people staying united can enable us to get through our challenges.”

The last time that stick was drawn, 1992, saw, among other things, the arrival of last governor Chris Patten – who unleashed fierce political strife.

When a Sha Tin district councillor drew the ill-omened stick 17 years ago, the council immediately burned it and drew another, lucky one.

Yesterday, that option was not open to Mr Lau and, rather than the stick burning, it was a barge used for the Lunar New Year fireworks display that went up in flames last night.

The barge, one of three from which fireworks were launched during the 23-minute display, burst into flames near the end of the HK$5 million spectacle that lit up Victoria Harbour. The barge’s two crewmen were rescued. No one was hurt.

Within minutes thick black smoke had engulfed the bow of the vessel. Fire boats soon doused the flames.

Teddy Ng, watching with his 19-year-old daughter, said flames engulfed at least a quarter of the barge.

Wilson Mao Wai-shing, chief executive officer of Pyro Magic Productions, which produced the show, could not be reached for comment.

A spokesman for the Leisure and Cultural Services Department said it appeared sparks falling onto the barge had started the fire.

It wasn’t the only mishap on the harbour. Earlier, a pleasure boat taking 41 people to see the fireworks sprang a leak soon after leaving the Kowloon City ferry pier.

A lucky 23,888 fireworks formed the display, which was watched by 250,000 people lining both sides of Victoria Harbour and featured the character for ox.

The crowd was much smaller than expected. A turnout similar to last year’s 400,000 had been forecast.

Spectators gasped when curtains of gold and red fireworks cascaded or comets and sparking fireflies seemed to hover on the horizon.

As well as the character for ox – which was hard to pick out – the show also featured for the first time the characters for “good luck” and the lucky numbers six, eight and 10.

Afterwards spectators were divided about the merits of the show. Some said it was small and that, because it was a windless night, smoke had blanketed the harbour by halfway through the show. An amateur photographer, C. P. Chan, said: “I took pictures and the smoke started to get in the way after just 10 photos.”

But another spectator, Lois Wong Yu-siu, 19, said: “The combination of the music and fireworks matched.”

Alex Tsang said he was disappointed because it was quite smoky.

Still, he is hopeful about the Year of the Ox.

“My new year wish is for a pay rise so that I can get married soon,” the sales representative said.

Restaurants, too, were optimistic. Several said that business was holding up during the Lunar New Year holiday.

More shops were open than a year ago, too, though there was both a positive and a negative reason for that, said Caroline Mak Sui-king, chairwoman of the Retail Management Association.

On the one hand, a rise in tourists made it more worthwhile opening, but on the other hand they were forced to open because they needed every opportunity to earn the money to pay ever higher rents, she said.

Away from the festivities, pan-democrats petitioned Chief Executive Donald Tsang Yam-kuen – who is on holiday – with their wishes for the Year of the Ox, and reminded him he had a tough year’s work ahead.

The Hong Kong Observatory issued the cold weather warning for the fifth consecutive day.

Urban temperature hovered around 12 degrees Celsius. In the northwestern New Territories they dipped to 8 degrees. Warmer weather is forecast for today.

John Thain

Thain behaviour
FT
Published: January 23 2009 22:03 | Last updated: January 23 2009 22:03

What is it that bankers don’t get? Unable to own up to a collective failure, some still display a sense of entitlement that bears no relation to their current status as wards of the state supported by the taxpayer. Step forward John Thain.

Formerly of Goldman Sachs, he was feted just months ago for securing the sale of Merrill Lynch to Bank of America, just as Lehman Brothers crumbled into dust. BofA even paid a 70 per cent premium. Some deal. Some salvation.

It now emerges that Mr Thain brought forward about $4bn in discretionary bonuses, paying them out in the narrow window after the sale of Merrill was agreed but days before the deal was actually closed.

This wheeze went down just as Merrill headed into record $21.5bn operating losses in the fourth quarter and BofA started seeking additional taxpayers’ funds from the troubled asset relief programme to digest its acquisition.

These bonuses, moreover, came in a year when Merrill’s total operating loss was $41.2bn. Bonuses equivalent to 10 per cent of the profits would be excessive, but 10 per cent of the losses? Furthermore, reports that Mr Thain spent $1.22m doing up his office, including $1,400 on a parchment rubbish bin, after his arrival at Merrill last year will serve to feed popular perceptions that the greed and insensitivity of investment bankers knows few limits.

Whether or not the bonuses were legal – and it seems they were – outside the parallel universe of investment bankers they are seen as looting. Bankers played a very big part in setting fire to the world economy – and reaped large rewards for their recklessness. They are being supported with public money because the economy cannot work without banks, not because bankers should be a protected species.

There may be no tumbrils rolling down Wall Street or through the City of London but a backlash is building. It would be a pity if this translates into regulation more stifling than that required to restrain more foolish risk-taking. But if bankers behave like this, it certainly will.